In which situation would a savings account be the best investment to earn interest? saving for retirement in 20 years saving to buy a new car in three years saving to buy a new house in seven years saving to easily access the money when needed

In which situation would a savings account be the best investment to earn interest? Saving for retirement in 20 years. This type of account would be the best investment to earn interest because the money will be able to mature and stay in the account for a long length of time. When you are investing your money to earn interest, it's important to look at when you would ideally want/need the money taken out because some have penalties if taken out too soon.

Saving to buy a new car in three years - this would not be a good option because the money won't sit in an account long enough to truly earn money back on its return.

Saving to buy a new house in seven years - the length in time on this option is still not very long, a simple savings account would work best.

Saving to easily access the money when needed - a regular savings or checking account would be best so that the money is available as needed.